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Day: 11/18/2011

In a move some might consider unusual given ongoing difficulties in the EU, three ex-Soviet states are prepared to sign an agreement today that would begin the first steps toward creating a Eurasian economic union.

Russian President Dmitry Medvedev and his Kazakhstan and Belarus counterparts Nursultan Nazarbayev and Alexander Lukashenko were to sign a declaration on further economic integration at a summit in Moscow, the Kremlin said in a statement, according to Agence France-Presse.

“The declaration will set out the ultimate aim (of economic integration) as the creation of a Eurasian economic union,” it said.

The project, backed by Russian Prime Minister Vladimir Putin, seeks to bring the former states of the USSR closer.

The three countries already have a customs union but the creation of the Eurasian Union – which would have its own executive body and oversee a single economic space – would mark a huge step further, according to the wire service.

The single economic space is due to come into force in 2012 alongside a Eurasian Economic Commission, a body that would apparently be run on lines similar to its Brussels-based EU equivalent.